Chinese Youngman to bid for Saab Automobile's bankruptc - Saab General Bulletin Board - Saabnet.com
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Chinese Youngman to bid for Saab Automobile's bankruptc
Posted by JTMav [Email] (more from JTMav) on Tue, 20 Dec 2011 06:24:11
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According to Dagens Industri (DI)
"20 December 2011 - Chinese investor Zhejiang Youngman Lotus Automobile is ready to make a takeover offer for the bankruptcy estate of Saab Automobile, Swedish business daily Dagens Industri (DI) said today, citing Youngman spokesman Johan Nylen.
The bid would cover the whole Saab or operations that are not dependent on technology licensed from Saab's former owner, General Motors (NYSE:GM), according to Nylen, who works for US-based law firm Baker & McKenzie LLP and acts as spokesperson for Youngman.
Yesterday, Saab's current owner, Dutch-listed Swedish Automobile NV (AMS:SWAN), filed an application for the bankruptcy of Saab after struggling for nine months to save the 60-year old Swedish brand. The decision was made as GM, which still licenses key technology to Saab, firmly refused to accept a plan to sell the Swedish company to Chinese investors that would include Youngman.
A potential bid from Youngman will mainly cover Saab's new platform, Phoenix, which needs to be developed further. However, the Chinese investor is also in talks with both GM and Saab's liquidator to acquire other operations that are not dependent on GM technology. If such a plan is carried out, it could take two years before Saab develops the new Phoenix model and before production is resumed, DI said."
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